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News Now

CU System
Plant closing to have no impact on CU
ATHENS, Pa. (3/11/10)--An Ingersoll-Rand plant closing in Athens, Pa., scheduled for December, will have no impact on Ingersoll Rand FCU in the city, said the CEO. The company is going to consolidate its Athens plant into its operation in Southern Pines, N.C., Ingersoll Rand said Monday (The Daily Review.com March 9). The credit union has more than 7,000 members with several select employee groups, and only a small percentage of its membership--about 199 members--were employed by Ingersoll Rand, said Michael Viselli, CEO of the credit union. The credit union is poised to help members affected by the plant closure, Viselli told News Now. “We’ll basically perform a one-on-one analysis of their whole financial picture,” he explained. “Based on that, we’ll set up a strategy to review their assets and to keep up with their financial obligations with us and others. Some tools we could use would include loan extensions, modifications and temporary interest rate changes. “Whatever is at our disposal, we’ll put to their benefit,” he added. With the imminent plant closing and the fact that the credit union serves other diverse groups, Ingersoll Rand FCU could have a name change, Viselli said. “We’ve considered it before, but put it on the back burner because we have a 49-year history with the name,” he added. “With these changes we could possibly look at alternatives that reflect what we are now, as opposed to what we were before.” Ingersoll Rand FCU has $56.8 million in assets.


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